Coindesk

Polymarket, the cryptocurrency-powered prediction market that recently attained a billion dollar valuation, is deciding whether to introduce its own customized stablecoin, or accept a revenue sharing deal with Circle based on the amount of USDC held on the platform, according to a person familiar with the plans.Polymarket’s motivation to create its own stablecoin is simply to own the yield-generating reserves that back the large amount of Circle’s USDC dollar-pegged token used to make bets on the popular betting platform, the person said.A Polymarket representative said no decision has yet been made on the stablecoin question.Legislation around stablecoins passed in the U.S. last week makes issuing a stablecoin all the more attractive a business proposition for both crypto native firms and...

Federal authorities have dropped a criminal investigation into Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken.The FBI investigation, which began in 2023, was looking into the non-profit Verge Center for the Arts' allegations that Powell hacked its computer accounts and obstructed access to emails. His home was also searched when the investigation began and computers, laptops and cellphones were seized at the time, the New York Times reported last year.In April this year, federal prosecutors informed Powell's attorney Brandon Fox that the government had concluded its investigation into the Verge allegations and it was not bringing criminal charges against Powell, documents filed to the Superior Court of the State of California on Monday showed. Prosecutors also said at...

Global crypto tax reporting still has major cracks — and tokenized stocks may be the catalyst that forces the system to catch up.In recent weeks, platforms like Robinhood and Gemini have started offering tokenized stocks to users in the European Union. These blockchain-based derivatives mimic the price of real equities like Apple and Tesla and allow users to trade 24/7, free from the limitations of traditional market hours.That might sound like a leap forward for accessibility and innovation. But if these products continue to gain traction, and firms like Galaxy Digital believe they will siphon liquidity from traditional exchanges, regulators will face growing pressure to close the reporting gap between crypto platforms and traditional brokers.Despite the progress the crypto industry...

PEPE fell around 2% in the last 24-hour period as part of a broader 5% sell-off that started amid a crypto market slowdown and a wave of high-volume selling.The price slid from $0.000014268 to $0.000013568 during the session, with 349 billion tokens offloaded during the move, according to CoinDesk Research's technical analysis data model.The meme-inspired cryptocurrency briefly rallied to a session high of $0.000014713, supported by 11.7 trillion tokens traded in a single surge. But the attempt fizzled, encountering stiff resistance and triggering a swift reversal. The sharp move led to more than $4 million in liquidations, per CoinGlass data.That session high now stands as a firm technical ceiling, reinforcing trader doubts about near-term upside. Relative post volume on social...

NEW YORK — Hack and scam victims who reached out to Tornado Cash requesting assistance retrieving their stolen funds received little in the way of help from the privacy tool’s developers, three government witnesses told the jury during day two of Roman Storm’s criminal money laundering trial.One victim, a Taiwan-born Georgia woman who said she lost nearly $250,000 to a wrong-number pig butchering scam — with a portion of the proceeds laundered through Tornado Cash — said her request for help went unanswered. Another witness, a lawyer for crypto exchange BitMart, which was hacked for nearly $200 million in 2021, said that Storm told his team that there was nothing he or his fellow developers could do to retrieve the funds given the...